How to make hitch-free ATM deposit

Although Nigerian banks have invested several millions of naira in deposit-enabled Automated Teller Machines, especially in major cities, reports show that not many of them are being used by customers.

The reason is obvious: Most of customers are afraid of technical errors by the machine or some form of mistakes on their own part.

According to www.thebalance.com, here are guidelines on how to make ATM deposits with little or no glitch.

When you need to deposit cash, especially over the weekend or outside banking hours, your easiest option may be to use a deposit-enabled ATM. There’s no need to wait until you can visit a banking hall. Some people don’t know that depositing funds at an ATM is possible, while others are uncomfortable with the idea or they just don’t know how to do it.

www.thebalance.com reviews the process from start to finish.

How to make ATM deposits

Be prepared: Make a habit of bringing everything you need. Get your bank account number and other details available. You will want to move as efficiently as possible so that you can safely get cash into the ATM and avoid holding up the line or delay the person in the queue next to you.

Once you’re ready, begin the process of making your deposit: Verify that the ATM accepts deposits (and that it works with your bank account).

Look around to ensure that the environment is safe. Don’t pull out cash if anything looks strange or somebody is watching you.

Choose the on-screen option for deposits. Choose the account you want to deposit to. Enter the amount of your deposit if necessary. Some ATMs can figure out how much you’re depositing by counting bills – they won’t ask for an amount.

Insert the cash into the ATM. Even if an ATM does not use envelopes, you may be able to insert multiple items at once (follow the on-screen instructions to see if you need to insert them one-by-one). Some machines allow you to insert a stack of 30 to 50 items.

Confirm that the deposit was completed correctly. Review the amount of the deposit, and, if possible, make any corrections.

Get a receipt of your transaction. Confirm that your session has ended and that your account is no longer accessible before you walk away from the machine.

Does that sound like too much work? Do it a couple of times and you will find it is easy to do.

When is the money available?

When you deposit funds with an ATM, there may be a delay before you can use the money in your account for debit card purchases, bills payment and withdrawals. Check your bank’s fund availability policy, which explains the rules for holding deposits, for complete details.

Cash deposits at most ATMs are often available immediately or within one business day.

Cash deposits typically post on the same day you deposit.

Cut-off times are sometimes generous when you use an ATM. Banks often allow you to deposit funds as late as 8pm (or later) to have the deposit count for that day. Especially if your bank clears your deposits quickly, this can be helpful when you’re too late to reach a teller.

Problems with ATM deposits

Before you decide that an ATM can solve all of your problems, make sure you know the risks.

Errors: Occasionally, the ATMs make mistakes, and researching transactions can take several days (at least). In some cases, nobody will even open the ATM for a few days after you make your deposit, and it’ll take even longer to make corrections in your account.

Safety: Bringing cash to an ATM opens up the opportunity for robbery, or for somebody to steal your card information and PIN (the same goes for withdrawals from an ATM). Evaluate your ATM’s location, stick to well-lit areas and remember there is safety in numbers. If you regularly deposit cash, change your schedule so nobody can learn your patterns. If you’re just depositing small amount, the risk may be lessened, and you can deposit big amount during banking hours.

Access to funds: Again, depositing in person with a bank teller is the fastest way to get access to funds. If time is of the essence, try to get to a teller before branches close.

Which ATMs accept deposits?

Not all ATMs accept deposits, and even deposit-enabled ATMs may not work with your account.

Other banks: Typically, you cannot make deposits to another bank’s ATM. If you don’t have an account at a given bank, you can often make withdrawals (for an extra fee), but not make deposits. Check your bank’s website or app for ATM locations, and look for ATM networks that may work with your bank. Another easy way to find out whether or not you can make a deposit is to simply insert your card and punch in your PIN. If you see an option to make deposits, you’re in business.

Travelling? If you’re out of the country or out of town, it may be difficult to find a deposit-enabled ATM for your account. Even if your bank has ATMs installed overseas (or is part of a network), it’s unlikely that you can make deposits. Likewise, you generally cannot deposit foreign currency into an ATM.

Online banks: Online banks almost always allow you to make deposits via ATMs. If you want to deposit cash or use an ATM for any reason, those banks may also have relationships with the ATM owners.

Bank union members: If your bank participates in shared branching, you can use branches of other banks. You may not be able to deposit at their ATMs, but you can make a deposit inside with a teller. Depending on where you are and your schedule, this may be a better solution anyway.

How to deposit excess cash

When you end up with more cash than you can spend, it’s best to deposit that money into a bank account. The funds are safe, and your cash can’t get stolen or burn in a fire.

According to www.thebalance.com, here are the best ways to deposit cash and the options you have:

Take it to the bank

If you have an account at a brick-and-mortar bank, take your cash to the branch and make a deposit. You’ll start earning interest quickly and you should not pay any fees for making the deposit. When you make a deposit in-person (with a teller), the funds should be available more or less immediately, so you’ll be able to pay bills, transfer the money out, or make purchases with your debit card.

ATM deposits

Nowadays, you can deposit cash at ATMs with a reasonable degree of confidence (which means no more banking hours). ATM deposits usually work just fine, but there is more risk at the ATM than there is with a teller. Any mechanical failure or network glitch can cause problems – and it may be several days before the issue is resolved.

Deposit to a prepaid card

Some prepaid debit cards have options for cash deposits and you may be able to link your prepaid account to your online bank account. This allows you to make electronic transfers, just like if you used a brick-and-mortar bank. Look for a prepaid card that allows you to make deposits at retail locations. Another approach is to use a debit card that can be reloaded when you buy reload cards at popular retailers such as pharmacies and convenience stores (you’ll pay cash for the reload card, and then add those funds to your prepaid account).

Get less cash

If it’s a nuisance to deposit cash, try to get less of it. Ask people to pay you another way: online payments, cheques or money orders are all common ways of getting paid. PayPal, Popmoney, and Venmo make it easy to send money online, sometimes for free.

Copyright PUNCH.All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.